State Bank of India (SBI) raised Rs. 7,500 crore today at a coupon rate of 7.33% through its second Basel III compliant Tier 2 bond issuance for the current financial year. The bonds are issued for a tenor of 15 years, with call option after 10 years and each anniversary dates thereafter and are rated AAA with stable outlook from CRISIL Ratings and CARE Ratings.Powered by Capital Market - Live

Bank SBI Indonesia (BSBII), the overseas Banking subsidiary of State Bank of India in Indonesia has an SBI holding of 99.56% stake. For the purpose of Regulatory compliance of meeting minimum 1% of local shareholding requirement, BSBII has proposed to issue preference shares to PT Bank KEB Hana, Indonesia. As part of the arrangement, State Bank of India, PT Bank KEB Hana Indonesia and Bank SBI Indonesia have signed Shareholders' Agreement on 10 September 2024, which allows Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares. PT Bank KEB Hana Indonesia is a subsidiary of South Korean financial institution, Hana Financial Group. After induction of Bank KEB Hana as minority shareholder, SBI's shareholding will be 99% in Bank SBI Indonesia.  Powered by Capital Market - Live

State Bank of India announced that CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to the Rs 7,500 crore Tier II Bonds under Basel III of State Bank of India and has reaffirmed its 'CRISIL AAA/CRISIL AA+/Stable' ratings on the other debt instruments. CRISIL Ratings has also withdrawn its rating on Tier I bonds of Rs 3104.8 crore (See 'Annexure - Details of Rating Withdrawn' for details) in line with its withdrawal policy. CRISIL Ratings has received independent verification that these instruments are fully redeemed. The ratings continue to centrally factor in the SBI group's dominant market position in the Indian banking industry, strong resource profile and adequate capitalisation. The ratings also factor in the continued strong support that the bank is likely to receive from its majority owner, Government of India (GoI), both on an ongoing basis and in the event of distress. These strengths are partially offset by the average asset quality of the group. Powered by Capital Market - Live

The Nifty September 2024 futures closed at 24,993.30, a premium of 56.90 points compared with the Nifty's closing 24,936.40 in the cash market. In the cash market, the Nifty 50 rose 84.25 points or 0.34% to 24,936.40. The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 6.43% to 14.24. State Bank of India, ICICI Bank and HDFC Bank were the top traded individual stock futures contracts in F&O segment of NSE. The September 2024 F&O contracts will expire on 26 September 2024. Powered by Capital Market - Live

The Nifty September 2024 futures closed at 24,909.40, a premium of 57.52 points compared with the Nifty's closing 24,852.15 in the cash market. In the cash market, the Nifty 50 dropped 292.95 points or 1.17% to 24,852.15. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 6.49% to 15.13. State Bank of India, Reliance Industries and were HDFC Bank the top traded individual stock futures contracts in F&O segment of NSE. The September 2024 F&O contracts will expire on 26 September 2024. Powered by Capital Market - Live

State Bank of India announced the nomination of Nagaraju Maddirala, (Secretary, Government of India, Ministry of Finance, Department of Financial Services) as Director on the Central Board of the Bank with immediate effect and until further orders, vice Vivek Joshi. Powered by Capital Market - Live

State Bank of India has allotted 7,500 Non-convertible, Taxable, Redeemable, Subordinated, Unsecured, Fully Paid-up Basel III compliant Tier 2 Bonds in the nature of debentures of face value Rs.1 crore each aggregating Rs 7,500 crore on 29 August 2024. Powered by Capital Market - Live

The Nifty August 2024 futures closed at 24,404, a premium of 36.5 points compared with the Nifty's closing 24,367.50 in the cash market. In the cash market, the Nifty 50 gained 250.50 points or 1.04% to 24,367.50. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 7.45% to 15.37. State Bank of India, Trent and HDFC Bank were the top traded individual stock futures contracts in F&O segment of NSE. The August 2024 F&O contracts will expire on 29 August 2024. Powered by Capital Market - Live

The appointment was made by Department of Financial Services, Ministry of Finance, Government of India. The exchange filing stated, 'In exercise of powers conferred by clause (a) of section 19 read with sub-section (1) of section 20 of the State Bank of India Act, 1955 (23 of 1955), the Central Government, hereby appoints Shri Challa Sreenivasulu Setty, managing director (MD) of SBI as chairman, SBI for a period of three years with effect from the date of assumption of charge of the office, on or after 28.08.2024, or until further orders, whichever is earlier.' Further, the Central Government has appointed Rana Ashutosh Kumar Singh, deputy MD of SBI as MD in SBI with effect from the date of assumption of office. The notification stated, 'In exercise of powers conferred by clause (b) of section 19 read with sub-section (1) of section 20 of the State Bank of India Act, 1955 (23 of 1955), the Central Government, hereby appoints Shri Rana Ashutosh Kumar Singh, deputy MD of SBI as MD in SBI with effect from the date of assumption of office and up to the date of his attaining the age of superannuation 30 June 2027, or until further orders, whichever is earlier.' State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 June 2024, the Government of India held 57.54% stake in the bank. The largest PSU bank's standalone net profit rose marginally to Rs 17,035.16 crore in Q1 FY25 as against Rs 16,884.29 crore posted in Q1 FY24. Total income increased 13.56% year on year (YoY) to Rs 1,22,687.85 crore in the quarter ended 30 June 2024. The scrip rose 1.42% to end at Rs 809.10 on Wednesday, 7 August 2024.Powered by Capital Market - Live